It’s over for Ma French Bank! The closure of the La Banque Postale subsidiary, in effect since 2024, will take effect in a few days. This closure is not surprising, the landscape of French digital banks having experienced a rather difficult year 2024.
The closure process has already been underway since June 2024. La Banque Postale has taken the lead and has been supporting its customers since the announcement. Thus, a system has been put in place to ensure a smooth transition.
Each account holder receives a letter detailing the procedure to follow, with an initial deadline of two months to initiate the closure of their account. Latecomers have a second chance: an additional 60 days’ notice is granted to them to organize the transfer of their assets.
Concretely, since December 4, customers can no longer use mobile payments. Exit Apple Pay and other digital wallets too. A first step which already announces the color of this progressive dismantling. However, La Banque Postale wants to be reassuring: until final closure, customers retain full access to their accounts and funds.
La Banque Postale plays the loyalty card
So what happens to Ma French Bank customers? La Banque Postale deploys a rather aggressive strategy to retain its customers. On the menu: a welcome bonus of 50 euros and free international operations until the end of 2024. Not sure that this is enough, the competitors still alive are showing themselves to be more and more competitive.
Because this closure is not an isolated case. The French banking landscape is undergoing a real restructuring. In 2024, HSBC has already handed over to Crédit Commercial de France for its individual customers, i.e. 800,000 customers. Orange Bank has chosen another path by joining forces with Hello Bank!, the digital branch of BNP Paribas. With them, customer migration came with benefits of up to 430 euros.
In any case, the economic model of these establishments, often based on free services and rapid customer growth, perhaps shows its limits. Traditional players, who have developed their own digital solutions while maintaining a physical anchor, seem better equipped to face the challenges of the sector. Apart from a few gems like Revolut for individuals, or Qonto for professionals.
- My French Bank closes permanently in 2025, leaving 700,000 customers looking for an alternative
- A progressive closure process is put in place with strict deadlines for closing accounts
- La Banque Postale tries to retain its customers with a bonus of 50 euros and specific advantages
